ISLAMABAD, Feb 5: A US-based energy firm has offered to invest $30 million for the refurbishment and upgrading of four power generation units of the Tarbela Dam project.

Sources in the power ministry told Dawn that the company has offered to invest around $300,000 to complete the feasibility study for the refurbishment of four units in the first phase of investment.

The company Synergics Energy Development has told Wapda that it would complete the feasibility study at its own risk and cost, provided it was given the first right of refusal to upgrade the four units at a cost of around $30 million.

The company is also pursuing two hydel power projects of around $1.3 billion. These projects include 84-mw Matiltan Power Project in the NWFP at a cost of $135 million and 700-mw Kohala Power Project in Azad Kashmir at a cost of $1.2 billion.

In response to Wapda’s letter of invitation, the company said that it was “willing to undertake the project and its re- engineering and rehabilitation of units 1-4”.

Two separate teams of engineers and technical staff of the company have already visited the Tarbela site and inspected the units about a year ago. The company said that certain technical parameters were established to initiate the feasibility study.

“To accomplish the work, technical and financial study is required to be carried out with an investment of about $200,000 to $300,000 (approximately) which will be expended by the company at its own risk and cost,” said the company.

However, the company has demanded that it will make investment for the preparation of a feasibility study provided Wapda signed a memorandum of understanding with a first right of refusal to the company to implement the project rehabilitation.

“The company requires a certain level of assurance from the authorities that if the project is found technically and financially viable, they would enter into an agreement to negotiate and purchase enhanced energy from the company at the rates indicated in the financial feasibility report.